Minister Lim Hng Kiang visits Beijing to attend Inaugural Singapore-China Investment Promotion Committee Meeting

MINISTER FOR TRADE & INDUSTRY LIM HNG KIANG VISITS BEIJING TO ATTEND INAUGURAL SINGAPORE-CHINA INVESTMENT PROMOTION COMMITTEE MEETING

Minister for Trade and Industry Lim Hng Kiang will visit Beijing from 24 to 26 January 2007 to attend the inaugural China-Singapore Investment Promotion Committee (IPC) meeting on 25 January. This meeting will be co-chaired by Minister Lim and PRC Commerce Minister Bo Xilai.

The IPC seeks to promote greater bilateral investment flows between Singapore and China by providing a high-level platform to facilitate collaboration in promising sectors. The meeting, to be held every two years, also provides an avenue where investment policies and issues can be clarified and discussed.

Minister Lim will also witness the launch of the Singapore-Tianjin Economic and Trade Council and business handbook series in China on the IPC sidelines.

Minister Lim will be accompanied by a delegation of senior officials from Ministry of Trade and Industry, Ministry of Foreign Affairs, Monetary Authority of Singapore, International Enterprise Singapore, Economic Development Board and Public Utilities Board.

Singapore and China currently enjoy strong economic relations. Latest figures indicate that bilateral trade for 2006 was $85.26 billion, 27.1% higher than the same period the year before. China is now our 4th largest trading partner, after Malaysia, US and the EU. Singapore is China's 7th largest trading partner.

China remains our top investment destination, with cumulative actual investments amounting to US$29.7 billion as of November 2006, representing 4.4% of China’s total FDI. There has also been an increase in Chinese investments in Singapore as a result of China’s “Venturing Out” policy, with the number of Chinese firms in Singapore increasing to over 2,200 to date from 509 in 1999.

MINISTRY OF TRADE AND INDUSTRY
23 JANUARY 2007